Closing Costs for Residential Real Estate Transactions

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Certain standard costs are related to closing the sale of a house. Sellers and buyers usually split these closing costs, as specified in the real estate sales contract.

As you'll see below, many of the buyer's costs are related to the costs of originating the loan. Tom Mencke has extensive experience in residential mortgage lending, so he can provide you with a comprehensive list of closing costs related to your mortgage in your "Good Faith Estimate".

The Good Faith Estimate (GFE)

Soon after you apply for a loan, we'll provide you with a "Good Faith Estimate" of your costs. The closing costs enumerated in the GFE are estimated based on our experience with mortgage loans, but costs often change a little bit between the GFE and closing. We handle buyers' questions about closing costs every day at First Mortgage Corp, so please feel free to ask if we can help answer your questions.

We've provided a general list of these costs below, but we will give you a specific list of closing costs, with amounts, very soon after you have completed your loan application. At First Mortgage Corp, we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

Loan-Related Costs

• Various Taxes
• Loan Origination Fee
• Points — These are costs you pay up-front to lower your interest rate (optional)
• Appraisal Fee
• Obtaining Your Credit Report
• Interest Payment
• Escrow Account

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Title Insurance
• Flood or Earthquake Insurance if applicable
• Private Mortgage Insurance (PMI)

At First Mortgage Corporation, we answer questions about closing costs every day. Call Tom: 1-708-647-5240.